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Sunday, December 4, 2022

Dapper Labs Has Suspended Most Of The Russian Accounts

Dapper Labs, a flow developer of blockchain, recently suspended most of the Russian accounts after the European Union imposed multiple sanctions against the country and its citizens.

This was announced on the 6th of October, which would be the latest set of sanctions imposed by the EU on Russia which does stipulate a complete ban on the provision of any wallets that are inducted under crypto-assets. These sanctions and bans have been levied irrespective of the total value of the assets under them. After the announcement of the sanction, Dapper further mentioned that these accounts with connections wouldn’t be able to sell, gift, or purchase any NFTs, add to their existing balances, or even withdraw funds from their accounts. 

Dapper Labs Has Suspended Most Russian Accounts

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Dapper Labs also outlined that since it is a stored value service partner and also a major processor of payments, it would be subjected to all the regulations of the EU. This is why the firm has been directed to bring about certain restrictions on these accounts under EU law. The firm further stated that they have not yet closed their accounts. As it has been maintained, every user that has been impacted by the actions would be allowed to access and view their NFTs. Additionally, regardless of the regulation that has been approved by the EU, any single NFT that has been purchased previously by an impacted user would belong to the user. 

With Dapper Labs being able to follow most of the orders to bar access to Russians, it would also mark another occasion under which a crypto-related company has had to bring itself down to regulatory pressure to avoid compliance issues- which would be quite similar to the Tornado Cash crypto mixer debacle that took place the previous month.

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